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dc.contributor.authorAbedifar, Pejman
dc.contributor.authorBouslah, Kais Ben Hmida
dc.contributor.authorHashem, Shatha Qamhieh
dc.contributor.authorSong, Liang
dc.date.accessioned2021-05-18T23:47:36Z
dc.date.available2021-05-18T23:47:36Z
dc.date.issued2020-05
dc.identifier263763974
dc.identifier7349b159-7e1e-40d9-a8bd-4071821670fa
dc.identifier85085649659
dc.identifier000540314700008
dc.identifier.citationAbedifar , P , Bouslah , K B H , Hashem , S Q & Song , L 2020 , ' How informative are stock prices of Islamic banks? ' , Journal of International Financial Markets, Institutions and Money , vol. 66 , 101203 . https://doi.org/10.1016/j.intfin.2020.101203en
dc.identifier.issn1042-4431
dc.identifier.otherORCID: /0000-0002-7648-7201/work/74510303
dc.identifier.otherORCID: /0000-0001-8407-8929/work/82179582
dc.identifier.urihttps://hdl.handle.net/10023/23219
dc.description.abstractUsing a sample of 2,210 observations for 170 banks operating in 12 countries with dual banking systems over 2005–2017 period, we find that Islamic banks have lower stock return non-synchronicity, lower illiquidity ratio, and their current returns have lower future earnings prediction ability than conventional banks. The results hold for the GCC-member countries and in the non-crisis period. Hence, Islamic banks in such countries have less information content in stock prices than conventional banks that can be due to their lower degree of transparency mandated by their financial paradigm. This suggests that for Islamic banks, market discipline may not be as effective as it is for conventional banks and hence they require more direct supervision. The finding has important implications for policymakers in countries with dual banking systems.
dc.format.extent17
dc.format.extent598949
dc.language.isoeng
dc.relation.ispartofJournal of International Financial Markets, Institutions and Moneyen
dc.subjectStock Return non-synchronicityen
dc.subjectStock illiquidityen
dc.subjectFuture earnings prediction abilityen
dc.subjectIslamic bankingen
dc.subjectHF Commerceen
dc.subject3rd-DASen
dc.subject.lccHFen
dc.titleHow informative are stock prices of Islamic banks?en
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.contributor.institutionUniversity of St Andrews. Centre for the Study of Philanthropy & Public Gooden
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.identifier.doi10.1016/j.intfin.2020.101203
dc.description.statusPeer revieweden
dc.date.embargoedUntil2021-05-19


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